ED OIG OFFERS CLARIFICATION ON SINGLE AUDIT SUBMISSION REQUIREMENTS

Some people still don’t seem to understand the 2018 guidance for submitting Single Audit to ED. Simply stated, if you are a submitting an audit for a public or private non-profit institution, you must submit a single audit each year. This is true whether your school’s Student Financial Aid Cluster was audited as a major program or not. If you submit a single audit that includes the SFA Cluster as a major program, you must notify the ED School Participation Division in your region of any low-risk designation beginning with fiscal year 2019.

 

1098-T TUITION STATEMENT FILING DEADLINES

The 1098-T, Tuition Statement form reports tuition expenses students paid for college tuition that might entitle them to an adjustment to income or a tax credit.
The deadline to provide students with 1098-T Forms is January 31, 2020
Schools and Colleges are required file Copy A with the IRS by February 28, 2020, (or March 31, 2020, if electronically filed).

2020-2021 FAFSA PDF RELEASED

The 2020-2021 FAFSA PDF is here. The 2020-2021 FAFSA cycle began on Oct. 1 and the application is available for students and families to complete until June 30, 2021. The Free Application for Federal Student Aid (FAFSA) is the first step in the financial aid process. Students use the FAFSA to apply for federal student aid, such as grants, work-study, and loans. In addition, most states and colleges use information from the FAFSA to award nonfederal aid. FSA is pushing students to apply as early as possible, since some funds are limited, particularly funding from state aid programs which students also apply for through the FAFSA. Be sure to remind your students that some funds are limited, so it’s a good idea to apply as soon as possible